Nevada gaming revenues decline for second consecutive month

Posted: January 9, 2025, 03:45 pm.

Last updated: January 9, 2025, 03:45 pm.

Nevada casinos and other gaming facilities combined took in $1.1316 billion from players in November. It marked a 4.2% year-over-year decline and was the state gaming industry's second consecutive monthly revenue decline.

On Thursday, the Nevada Gaming Control Board revealed slow traffic at the state's 315 licensed slot machine establishments and 255 table game, keno, bingo, race and sports betting venues despite the Formula One race in town for the Las Vegas Grand Prix. The game was watched from.

Statewide, slots won approximately $810.6 million. Table games, sports betting, keno and bingo were worth $505.9 million.

Slots were responsible for the decline in gross gaming revenue (GGR) year-on-year, as the machines saw their net wins decline by approximately 7%. Revenue from table games, keno and bingo was stable.

hard comparison, calendar

The inaugural F1 Las Vegas Grand Prix racing in November 2023 drew huge numbers of players from Europe, packing the Strip's most luxurious hotel rooms and high-end casino floors at the Wynn, The Venetian, Caesars Palace, Cosmopolitan, Bellagio, Bet on. Aria, and others. The second installment of the F1 shindig did not come with the same hype and interest.

Michael Lawton, senior economic analyst at NGCB, said November 2023 was a tough comparable. He also said that November 2024 ending on Saturdays meant weekend games from November 30 were reported as a result of December.

It appears our numbers in Southern Nevada were lower than expected, given that Formula One attendance was not as large as last year,” Lawton said. “We were facing a tough comparison, as last November was the third largest win in state history. However, had we not been negatively impacted by slot revenue timing, the state would have recorded year-over-year growth.

GGR on the Strip fell 3.9% to $788.7 million in November. Table games, favored by the affluent F1 demographic, saw wins decline by more than 5%, with craps and baccarat the main culprits.

Other areas away from the Strip and the F1 setup fared better.

North Las Vegas (up 6%, $24.5 million) and Mesquite (up 9%, $16.4 million) both saw increases in gaming revenue. Outside Clark County, GGR in Elko rose 5% to $33.7 million and Sparks rose 8% to $15 million.

But other major markets followed Las Vegas in seeing a decline in GRR. Douglas County, home to South Shore Lake Tahoe, fell 20% to $14.4 million after a late October fire ravaged the Sierra Nevada city earlier in the month. Washoe County, home to Reno, reported a 6% decline in revenue to $76 million.

LVCVA defends race

The Las Vegas Grand Prix's founding partner, the Las Vegas Convention & Visitors Authority (LVCVA), which was instrumental in bringing the circuit to Southern Nevada, said the $1.5 billion economic impact of the 2023 race was positive. The LVCVA also said the race brought 145K unique visitors to the city.

Despite complaints from Jay Market and many other small businesses, LVCVA officials say the 2024 race was another success. He pointed to November's visitor numbers, which showed that 3.31 million people entered Las Vegas, an improvement of 0.6% from November 2023 when 3.29 million did so.

The LVCVA attributed the low attendance to the conference – an 8% decline – in what would otherwise have been a strong visitor numbers report. The LVCVA is responsible for keeping Las Vegas' meeting rooms and halls busy throughout the year.